Adani Group keen to acquire bankrupt Jaiprakash Associates, say sources

Jaypee Group’s flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016

New Delhi: Business conglomerate Adani Group has shown interest in acquiring Jaiprakash Associates Ltd (JAL) through an insolvency process, according to sources.

Jaypee Group’s flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, through an order dated June 3, 2024, passed by the National Company Law Tribunal, Allahabad Bench.

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Sources said the Adani Group has submitted an Expression of Interest (EOI) to acquire the bankrupt JAL.

Earlier this month, the National Company Law Tribunal (NCLT) directed that the resolution plans to acquire JAL through the insolvency process should be invited for the entire company as a going concern and not by dividing its different business verticals.

The JAL’s total outstanding loans from banks and financial institutions stood at Rs 55,493.43 crore as of February 20, 2025. The company also recently informed that a consortium of lenders has transferred their outstanding loans to National Asset Reconstruction Company Ltd (NARCL).

The consortium comprises SBI, ICICI Bank, IDBI Bank, Axis Bank, LIC, Canara Bank, Bank of Maharashtra, IFCI, PNB, UCO Bank, South Indian Bank, Punjab & Sind Bank, Jammu & Kashmir Bank, SIDBI, Standard Chartered Bank, Karur Vysya Bank, EXIM Bank, Bank of India, Indian Overseas Bank, Indian Bank, IndusInd Bank, Bank of Baroda, Union Bank of India, Central Bank of India and SREI Equipment Finance Ltd.

The total amount of the debt transferred to the NARCL was not disclosed.

Bhuvan Madan is the resolution professional for JAL. Jaypee Group’s other company Jaypee Infratech has already been acquired by Mumbai-based Suraksha Group through insolvency process.

Meanwhile, Adani Group is also in talks to acquire real estate firm Emaar India, which is part of Dubai-based Emaar Properties.